If you see this text then your files are no longer accessible, because they have been encrypted,” read the message on the computer screen. “Please follow the instructions and send $300 of Bitcoin to the following address.”

Munich Re has estimated that the cyber insurance market will double by 2020, thanks to an increase in the use of connected devices and the subsequent surge of complex risks associated with such systems.

The following is an opinion piece written by Henri Wasjsblat, Director, Head of Financial Services Solutions at Anaplan. The views expressed within the article are not necessarily reflective of those of Insurance Business.

Social media juggernaut Facebook made the headlines yet again, this time as the victim of a massive data breach that affected as many as 50 million user accounts. But one cyber expert warns stolen logins should not be the only thing users are worried about.